Million Dollar Question, Literally

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drtobeintx

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I'll cut right to the point. I skipped my flight to a foreign med school (AUA) last fall, mainly because of the financial losses I'd encounter before becoming an MD, the uncertainty of getting a residency, and my break even point being when I was 55 yrs old.

I'm 32, ibanker, net worth 1mm, income +/- 250k/yr (not guaranteed, I have to work for it), MCAT 478, UGPA 2.9, sci pre req GPA 3.5. Let's just say I knew how to have fun, but get the job done as well and was street savvy. Somewhere in my late 20s I wanted to help ppl and medicine pulled me in to develop a 2nd career. Knocked out my pre reqs while working.

Fast fwd. By enrolling in med school, I'd encounter 1.5mm in losses from forgone income, plus tuition all the way until residency was over. So 1.5mm in losses until 39. It would take me 15 yrs or so to recoup those losses.

Is med school worth it in my case?
I want to start studying for the mcat and focus on improving my scores to get accepted into a US program.

Need advice as the urge to become a dr is growing. I'm very competitive and know that I can do it.

I've included a chart and a model I created the night of my flight which helped me skip it. I used conservative numbers for the non MD version of my self. The losses account for tuition and lost income. My salary as a non traditional. Was a very conservative 175k until 50 yrs of age at which point I would retire with no investments. The only thing I don't like about my job is the uncertainty and the lack of social welfare. I love the money, which is how I became a millionaire before 30.

Just need some advice. Thanks in advance.
Screenshot_2015-08-15-16-36-33.png
 
I vote no because I predict you'll be miserable in med school & residency, and the other side won't be what you think.

You'll have to do hard work for no income for 4 years then $50k-ish for 3-7 more. That will take you down long before you get to the part where you have any control over what you do for whom and why.

By default nobody cares about, nor respects, your prior career. You're clearly proud of it, and you'll be alone in thinking it's cool. Which will hurt. Right?

An MCAT of 478 (that's an 11 on the old scale) with prereqs at a 3.5 says that you're just not in the game academically. You could get a stronger MCAT after a couple years of hard work. (Really. You're starting from zero. You probably have to quit your fat job and work at Starbucks for a couple years while you change your fundamentals which is no fun at all.) But realistically at this point you should assume that the years you need to spend to get accepted, then the years in med school, then the years in residency (assume primary care!!!) will be THE WORST with intermittent episodes of it feeling worthwhile.

Look into hospital administration. You can change the world from there, in extremely positive ways, for good money. Really.

Best of luck to you.
 
I think that you should go for medical school IF you have an undying urge to pursue medicine and help people. I also think that it is important to consider the financial aspects of medical school. In the long run the investment, in yourself, will pay off. If you never fulfill your dream (assuming that dream is medicine) it won't matter how many millions you are worth; you will still feel like you're missing something. Take the leap and pursue medicine!
 
It sounds like you enjoy your current job and are very concerned about the financial ramifications of a career change. You want to help people, that's awesome and admirable but...

You don't need to be a doctor to help people. You can do a lot of good by volunteering. You can do a whole lot of good by donating a portion of your impressive earnings to a charity that is doing the type of work you believe in (just do your research first).
 
I vote no because I predict you'll be miserable in med school & residency.
And he'd make all of us so miserable as well with his gloating over being so rich ... 🤢


Wow. That is telling. Most of us are getting 500+ on the diagnostic, let alone on the real deal.

Use your street smarts to help in ways that you can; MD is not your path unless and until, you really, really want this.

Andddd, you don't. Good luck to you!
 
Plenty of comments above on everything but the numbers. A couple of things to think about on your quantitative analysis.
1) how long is your timeline? Presumably in finance you can work until you're 55 when you become somewhat obsolete but in medicine, you might be able to carry a full career into your 70s. Whether that is appealing to you is up to you. If under both scenarios, you're hoping to retire by 60, you're probably better off not going into medicine at this point.
2) You mention you have $1mn of net worth. Do your assets generate income that could support you partially during school? I understand this still involves "loss of income" though there is no guarantee either way but it can make a meaningful difference on your experience while you're in school.

I'm not going to judge your motivations because I don't know you (and the above is insufficient for conclusions) but on the surface, it doesn't seem like a financially good choice for you. Although, remember, you won't starve and if you make ~$1mn less in the course of your entire life, that's really not the worst thing by far.
 
I'll cut right to the point. I skipped my flight to a foreign med school (AUA) last fall, mainly because of the financial losses I'd encounter before becoming an MD, the uncertainty of getting a residency, and my break even point being when I was 55 yrs old.

I'm 32, ibanker, net worth 1mm, income +/- 250k/yr (not guaranteed, I have to work for it), MCAT 478, UGPA 2.9, sci pre req GPA 3.5. Let's just say I knew how to have fun, but get the job done as well and was street savvy. Somewhere in my late 20s I wanted to help ppl and medicine pulled me in to develop a 2nd career. Knocked out my pre reqs while working.

Fast fwd. By enrolling in med school, I'd encounter 1.5mm in losses from forgone income, plus tuition all the way until residency was over. So 1.5mm in losses until 39. It would take me 15 yrs or so to recoup those losses.

Is med school worth it in my case?
I want to start studying for the mcat and focus on improving my scores to get accepted into a US program.

Need advice as the urge to become a dr is growing. I'm very competitive and know that I can do it.

I've included a chart and a model I created the night of my flight which helped me skip it. I used conservative numbers for the non MD version of my self. The losses account for tuition and lost income. My salary as a non traditional. Was a very conservative 175k until 50 yrs of age at which point I would retire with no investments. The only thing I don't like about my job is the uncertainty and the lack of social welfare. I love the money, which is how I became a millionaire before 30.

Just need some advice. Thanks in advance.View attachment 202363

Your 478 MCAT is the 2nd percentile, equivalent to a 10 on the old MCAT. No white applicant was accepted to US MD school with an MCAT below 15 and only three were accepted with an MCAT below 21 between 2013-2016. Among black applicants, no one was accepted with an MCAT below 15. Less than 3% of black applicants with MCAT scores below 21 were accepted. So whether you are an ORM or a URM, you basically have zero chance at the moment. You would need to pull off one of the greatest MCAT improvements ever. Maybe you can do it. But I would think very carefully about leaving a well paying career behind until you're sure you can overcome the MCAT hurdle.
 
If you have to ask the question, then the answer, at least for right now, at least for you, is a resounding no. This could be because you have decided subconsciously that medicine isn't worth it for yourself, or it could be because you haven't done enough due diligence to figure out the answer. If it's the latter, I suggest that you spend some time in a health care setting shadowing/volunteering/working so that you can gain some practical experience with the system and see what it's like working in it. This will help you decide whether medicine is worth it for YOU.


See also: post #3 in http://forums.studentdoctor.net/threads/nontrads-that-made-it-to-medical-school-or-are-already-physicians-is-it-worth-it.1178947/
 
Please also consider, jobs are not the only way to feel fulfilled and address your needs to help people. Sounds like you would enjoy either changing into a business field where you are working around/in the hospital environment OR spending some of your spare time getting involved in the world through volunteering etc. I think you do sound like someone who wouldn't be happy either through the process or on the other side, so think about how to fulfill your emotional needs (to connect with others and help people through challenges), and your educational drive (maybe take some classes to challenge yourself).
 
To echo previous comments, you are nowhere near ready to apply to a real medical school. You need to do some serious re-hab of both your gpa and your MCAT. This is at least 2 years away (even if you devote yourself full-time). The real reasons not to go Caribbean are only tangentially addressed in your analysis. If being a doctor without much chance of actually practicing is on your bucket-list, the Carib is your only choice.

Note to all others: AUA accepted this applicant with a 478 MCAT and a 2.9 gpa. The next time we tell you that all you need is a pulse and a line of credit...
 
Come on, dude/tte, be real. I have an urge to eat a whole jar of peanut butter in one sitting sometimes. Doesn't make it a good idea even though it tastes good at the time.

If you don't want to ibank any more, I suggest quitting your job and just loafing/traveling for a while until you figure out what you want to do with your life. Otherwise, just keep doing what you're doing and making bank. Early FI is some seriously sweet stuff. Better than peanut butter even.
 
Dear OP,

I have to agree w Goro. You're doing the financial math, and you are still asking questions primarily in light of that.

How do you even know you will like it? You really have to get a good deal of direct, clinical experience with patients, doctors, nurses, etc.

Also, you would have to considerably bring up your scholastic and diagnostic numbers.

If you can do the second well, while also working on the first and finding a genuine draw to it--real medicine, do what you must to gain an acceptance to a sound, US med school program.

The biggest amount of suckage will occur in residency, where you don't know were you will land or even if the residency program is actually a good fit. (People can assess this somewhat upon interviews, but you don't really know until you are in the throes of it--and then at that point, you just have to keep your head down, do the best you can and march through it. You are there for the duration--hoping to make positive in-roads into your particular area of medicine--that part matters as much as med school or anything else--in fact, more so.)

So, bottom line, you have to look at a lot more than financial considerations--and yes, those are huge--especially for you.
 
I'll cut right to the point. I skipped my flight to a foreign med school (AUA) last fall, mainly because of the financial losses I'd encounter before becoming an MD, the uncertainty of getting a residency, and my break even point being when I was 55 yrs old.

I'm 32, ibanker, net worth 1mm, income +/- 250k/yr (not guaranteed, I have to work for it), MCAT 478, UGPA 2.9, sci pre req GPA 3.5. Let's just say I knew how to have fun, but get the job done as well and was street savvy. Somewhere in my late 20s I wanted to help ppl and medicine pulled me in to develop a 2nd career. Knocked out my pre reqs while working.

Fast fwd. By enrolling in med school, I'd encounter 1.5mm in losses from forgone income, plus tuition all the way until residency was over. So 1.5mm in losses until 39. It would take me 15 yrs or so to recoup those losses.

Is med school worth it in my case?
I want to start studying for the mcat and focus on improving my scores to get accepted into a US program.

Need advice as the urge to become a dr is growing. I'm very competitive and know that I can do it.

I've included a chart and a model I created the night of my flight which helped me skip it. I used conservative numbers for the non MD version of my self. The losses account for tuition and lost income. My salary as a non traditional. Was a very conservative 175k until 50 yrs of age at which point I would retire with no investments. The only thing I don't like about my job is the uncertainty and the lack of social welfare. I love the money, which is how I became a millionaire before 30.

Just need some advice. Thanks in advance.View attachment 202363
If you are asking "is it worth it" from a $ perspective the answer is a resounding no. Frankly if you were earning but a fraction of your current income you still probably would be pretty old before you hit the break even point, and would have lost a lot of the time value of money and opportunity costs along the way. I probably will never get back to the lifetime earning I would have if I stayed at my prior career. But this isn't really the point of a career change to medicine. This isn't a career you do just for the money. If you are earning good money, and that's what's important to you, don't jump into a career which entails a decade of school and training. However, some of us like the job function of medicine, and enjoy going to work more in this field than others, and that's worth something. 20-30 years in a job you enjoy trumps one in which you earn a lot more. So yes, it's worth it, but not to you. (I won't even get into the subpar stats or offshore issues because as mentioned you probably don't even get to that part of the analysis).
 
This whole question seems like an opportunity to whip out ones organ and go see how big it is vs a real I want to be a physician.

OP medicine is not the best investment financially. It won't give you financial security into old age or bank a million $$$ a year.

These days one who is older does medicine out of passion for medicine and maybe a bit of self challenge. Sort of like climbing Mount Everest.

I hear nothing in your post suggesting medicine is right is right for you at this time. IMO you should take your money and sock away some and then use the rest to fund and go on medical missions trips. You could learn basic first aid and get lots of praise for wrapping bandages for those who desperately need such.

Sent from my Nexus 4 using Tapatalk
 
Well no, financially med school's never really going to be worth it in your case... that seems kind of obvious. I don't really pick up any sense of why you want to do medicine?
You answered my question correctly. From a financial stand point there is no reason why I should go. My motivation to go has to deal with needing another challenge while doing something noble, and medicine was what I honed it down to. Thanks for responding!
 
I vote no because I predict you'll be miserable in med school & residency, and the other side won't be what you think.

You'll have to do hard work for no income for 4 years then $50k-ish for 3-7 more. That will take you down long before you get to the part where you have any control over what you do for whom and why.

By default nobody cares about, nor respects, your prior career. You're clearly proud of it, and you'll be alone in thinking it's cool. Which will hurt. Right?

An MCAT of 478 (that's an 11 on the old scale) with prereqs at a 3.5 says that you're just not in the game academically. You could get a stronger MCAT after a couple years of hard work. (Really. You're starting from zero. You probably have to quit your fat job and work at Starbucks for a couple years while you change your fundamentals which is no fun at all.) But realistically at this point you should assume that the years you need to spend to get accepted, then the years in med school, then the years in residency (assume primary care!!!) will be THE WORST with intermittent episodes of it feeling worthwhile.

Look into hospital administration. You can change the world from there, in extremely positive ways, for good money. Really.

Best of luck to you.

I appreciate the honest response lol. Not sure if I completely agree with being miserable (as there are other things in life which could be worse). Although I do agree with not truly knowing what the other side is like. With regards to no one really caring about my previous career, thats fine - will it hurt? Not a bit! Because the journey we all take is different, and the cards I was dealt awarded me the opportunity to explore the "option" to pursuing medical school. Whereas most others have no other choice but to pursue medical school. All they know is medicine. Not sure where you were going with that statement. Id rather be balanced and know how the world functions than to be merely one sided and know just one thing. Just my opinion.

Academically - yes the scores are low. In fact I didnt prep for the MCAT, as I knew I was going to start at Ross or AUA. Theyll take anyone with a pulse. Which is another reason why I skipped taking the back door entry into medical school. I'm swaying with improving my scores as of now. Dont all of us start from zero at some point in our lifetime? Your responses are headed in the right direction, but youre very presumptuous in thinking that one needs to work at star bucks.

I have looked into hospital admin - and thats a VERY viable route. Your last stmt was the best!
 
No offense but the last guy in the world I want operating on me is the guy whose primary consideration in going to med school is payolla, where the UGPA is 2.9, and where the MCAT is 478.

None taken. Time is a valuable commodity thus pay has to be considered . Yea the scores are low, and thats irreversible. Dont we all evolve with time like all human beings do? That type of answer is what kept me motivated. So thanks : )
 
I think that you should go for medical school IF you have an undying urge to pursue medicine and help people. I also think that it is important to consider the financial aspects of medical school. In the long run the investment, in yourself, will pay off. If you never fulfill your dream (assuming that dream is medicine) it won't matter how many millions you are worth; you will still feel like you're missing something. Take the leap and pursue medicine!
VERY well said. The regret of not knowing or trying can never be measured other than by regret. It's very important, especially for me to consider the financial and personal costs at this point in my life.
 
To echo previous comments, you are nowhere near ready to apply to a real medical school. You need to do some serious re-hab of both your gpa and your MCAT. This is at least 2 years away (even if you devote yourself full-time). The real reasons not to go Caribbean are only tangentially addressed in your analysis. If being a doctor without much chance of actually practicing is on your bucket-list, the Carib is your only choice.

Note to all others: AUA accepted this applicant with a 478 MCAT and a 2.9 gpa. The next time we tell you that all you need is a pulse and a line of credit...

AUA accepts anyone. I'll be the first to agree with them being a profit-centric entity which is why I skipped the flight and let them keep my seat deposit. I don't know if I resonate well with anyone thats desperate enough to become a doctor to go through those programs. But then again, I've seen plenty of MD's graduate/match from the off shore programs.
 
And he'd make all of us so miserable as well with his gloating over being so rich ... 🤢


Wow. That is telling. Most of us are getting 500+ on the diagnostic, let alone on the real deal.

Use your street smarts to help in ways that you can; MD is not your path unless and until, you really, really want this.

Andddd, you don't. Good luck to you!

I wouldnt gloat, unless I felt like it was worth the show and tell. I'm very humble unless I can sense pretentious people around which have no grounds to be that way.

I heard that exact same answer during ibanking interviews and still beat out math and engineering majors from the top business schools around. Guys like me feed off of feedback like this lol. Keep it up : )
 
But then again, I've seen plenty of MD's graduate/match from the off shore programs.
There was a time when the Caribbean, along with Fifth Pathway was a sad but acceptable alternative for those with weak scores (or other deficiencies) who were too impatient to do the work necessary to be admitted in the US.
Some people still match (somewhere) from offshore but the attrition is so high as make these schools the equivalent of educational malpractice. If you want to serve as a physician, do what is necessary to get into a real school that will be committed to your success, not their business model.
 
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Plenty of comments above on everything but the numbers. A couple of things to think about on your quantitative analysis.
1) how long is your timeline? Presumably in finance you can work until you're 55 when you become somewhat obsolete but in medicine, you might be able to carry a full career into your 70s. Whether that is appealing to you is up to you. If under both scenarios, you're hoping to retire by 60, you're probably better off not going into medicine at this point.
2) You mention you have $1mn of net worth. Do your assets generate income that could support you partially during school? I understand this still involves "loss of income" though there is no guarantee either way but it can make a meaningful difference on your experience while you're in school.

I'm not going to judge your motivations because I don't know you (and the above is insufficient for conclusions) but on the surface, it doesn't seem like a financially good choice for you. Although, remember, you won't starve and if you make ~$1mn less in the course of your entire life, that's really not the worst thing by far.

1. On a conservative analysis, my non MD version would retire at 50, with income flat lining. (Meaning I have no investments or positive cash flow from anything - this is very unlikely but I was very conservative in my analysis). One of the positives of an MD, is that you have a valuable career into your 70's. Youre contributing! The additional 10 years after 60, is what peaks my interest. So I agree with you, if I want to retire at 60, then med school isnt a great investment.
2. Assets do generate income. Commercial real estate with existing contracts in place. I net about 180k/yr (this is excluding ibanking wages). So money isnt an issue during medical school. What Im concerned about is lost wages from ibanking. So the real estate investment is "supposedly" offsetting the lost wages from my career.

My question stemmed strictly from a financial standpoint, and how current or past students viewed my situation. I posted this question on here as I felt that the responses would be intelligent and well thought out. Some have been.
 
Come on, dude/tte, be real. I have an urge to eat a whole jar of peanut butter in one sitting sometimes. Doesn't make it a good idea even though it tastes good at the time.

If you don't want to ibank any more, I suggest quitting your job and just loafing/traveling for a while until you figure out what you want to do with your life. Otherwise, just keep doing what you're doing and making bank. Early FI is some seriously sweet stuff. Better than peanut butter even.

I've done that! I travel good amount. Hung out with a foreign president, foreign movie stars etc. Trips to the French Rivera or Monaco for NYE. Sometimes all of that is bland when you start valuing health and the art of medicine. Once youve done some cool stuff, you want to do other stuff. Meaningful stuff. Some of us value cars, shoes, homes, etc...and some of us value helping others out. Peanut butter is amazing btw!
 
This whole question seems like an opportunity to whip out ones organ and go see how big it is vs a real I want to be a physician.

OP medicine is not the best investment financially. It won't give you financial security into old age or bank a million $$$ a year.

These days one who is older does medicine out of passion for medicine and maybe a bit of self challenge. Sort of like climbing Mount Everest.

I hear nothing in your post suggesting medicine is right is right for you at this time. IMO you should take your money and sock away some and then use the rest to fund and go on medical missions trips. You could learn basic first aid and get lots of praise for wrapping bandages for those who desperately need such.

Sent from my Nexus 4 using Tapatalk

Thanks to everyone for responding. It's safe to say that the MCAT needs to come up substantially to make a decent run at a US med school.
 
I've done that! I travel good amount. Hung out with a foreign president, foreign movie stars etc. Trips to the French Rivera or Monaco for NYE. Sometimes all of that is bland when you start valuing health and the art of medicine. Once youve done some cool stuff, you want to do other stuff. Meaningful stuff. Some of us value cars, shoes, homes, etc...and some of us value helping others out. Peanut butter is amazing btw!
Yeah, it is. Being sick from eating too much of it, not so much. :depressed:
 
There's a difference between (1) getting cold feet about going to medical school when you want to be a doctor and are 20 and have no assests and are worried about how you will ever be able to afford it and pay back your loans and (2) being able to comfortably afford it in cash upfront and still being worried about money.

If you wanted to be a doctor, this would be a no-brainer. The vast majority of med students enter wanting to do medicine willing to put themselves huge amounts of negative net worth. Not only are you unwilling to do this, you are unwilling to reduce your net worth from 1M to a paltry $750,000. This clearly says the only reason you want to be a doctor is for the income stability, which you basically said yourself. Yes, you can get income stability in medicine, but it comes at a very steep price in terms of your dollars and your time.

Bottom line: You made the correct decision not to attend a Caribbean medical school (albeit for a totally incorrect and coincidental reason). If in the future you find yourself so disillusioned with trading and want to actually do something like medicine to the point where you're not counting pennies and running financial scenarios to justify it and would gladly give up everything you have for a chance to do it, then do what it takes to get into an American med school. Caribbean schools are the wrong decision every time. There are no shortcuts. The income stability is a perk you get after a long hard training process.
 
I net about 180k/yr (this is excluding ibanking wages). So money isnt an issue during medical school. What Im concerned about is lost wages from ibanking.

Should have read the whole thread. So $180k/year income while you're in school isn't enough, huh? Going to med school is only worth it to you if you make $400k/year while you're attending? I mean, I can't even... Just no. You need a lot of humility to do this. Reading your comments here, I can say pretty confidently that you're not going to be able to take scut as a 3rd year med student. The 3rd year med student is the lowest rung on the hierarchy in the hospital. The janitor has more clout. Your perspective has been warped by a decade in i-banking (where people casually talk about things like "net worth" -- hint, that never happens in medicine, ever.) and you would be in for a major shock if you were to leave it for healthcare.

Your best bet is to put this idea out of your head permanently and realize the vast majority of college-educated americans work for far less income with at least as bad job security.
 
Have you made a decision yet?

It's not clear to me exactly how much you earn as a banker, but must be pretty good. You obviously know what hard work is and have been working hard for years. You are highly goal-oriented and competitive. You also demonstrate the super-high level of confidence (overconfidence?) physicians usually possess (see "Let's just say I knew how to have fun, but get the job done as well and was street savvy." and "I travel good amount. Hung out with a foreign president, foreign movie stars etc. Trips to the French Rivera or Monaco for NYE."). Forgive me, my man. Had to point it out. Furthermore, you have the money to justify going to medical school (which very few people do).

All that being said, I would probably advise you to stick with business or the financial industry. Medical school and residency are competitive, and you would probably do well there. The problem is when you get out. When your finished with all the medical school and residency training. The competition kind of stops at that point and it's about providing consistent, high quality patient care day after day, year after year. If you don't think I'm hitting the nail on the head and you love people (all people, no matter how ugly, obnoxious, or odorous) to the point that you would sacrifice 90% of you waking life to care more about them than they do about themselves (and to study complicated medical literature constantly for life on their behalf), then go to medical school...
 
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Have you made a decision yet?

It's not clear to me exactly how much you earn as a banker, but must be pretty good. You obviously know what hard work is and have been working hard for years. You are highly goal-oriented and competitive. You also demonstrate the super-high level of confidence (overconfidence?) physicians usually possess (see "Let's just say I knew how to have fun, but get the job done as well and was street savvy." and "I travel good amount. Hung out with a foreign president, foreign movie stars etc. Trips to the French Rivera or Monaco for NYE."). Forgive me, my man. Had to point it out. Furthermore, you have the money to justify going to medical school (which very few people do).

All that being said, I would probably advise you to stick with business or the financial industry. Medical school and residency are competitive, and you would probably do well there. The problem is when you get out. When your finished with all the medical school and residency training. The competition kind of stops at that point and it's about providing consistent, high quality patient care day after day, year after year. If you don't think I'm hitting the nail on the head and you love people (all people, no matter how ugly, obnoxious, or odorous) to the point that you would sacrifice 90% of you waking life to care more about them than they do about themselves (and to study complicated medical literature constantly for life on their behalf), then go to medical school...
It was over a year ago, he certainly has
 
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